Some of the world’s top financial institutions, including BlackRock and JPMorgan, are increasing investments in China’s financial hub Shanghai, undeterred by the novel coronavirus outbreak, the city government said on Friday, reported Reuters.
Shanghai also held an online opening ceremony for local branches of five global institutions including JPMorgan, Invesco and Russell Investment.
“In such a special situation where the city is making all efforts to combat the coronavirus, the ceremony shows the world Shanghai’s determination to further open its financial industry,” the Shanghai Municipal Office of Finance Service said in a statement.
In the brokerage sector, the Singaporean bank DBS has applied to set up a majority-owned securities venture in the city, while Morgan Stanley plans to raise its stake in its Chinese brokerage venture to 51% from 49% now. In addition, several financial institutions plan to set up wholly-owned brokerage units in Shanghai as soon as ownership restrictions are scrapped.